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Agriculture Minister and Nationals Party MP Barnaby Joyce is also reportedly pushing for $280 million of loans to be made available to farmers.

"We are looking at very significantly bringing forward the [income support] system the former government said should start in July because if the need is now the change should be as quickly as we can manage it," Mr Abbott told ABC Radio from Broken Hill.

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"What we are on about is a package of assistance for people who have been hit by something that is akin to a natural disaster ... If you can't leave, you can't borrow, you've got no income, plainly you need support and this is where the ordinary income support system should be available to people.

"This is much more akin to a natural disaster than it is to an ordinary business downturn or bad patch.''

But Mr Abbott indicated he did not back longer-term support such as reintroducing interest rate subsidies for exceptional circumstances.

"What we need is money for people to live on now and support for them to get their farms back on their feet," Mr Abbott said.

"I think we can expect some significant announcement within the next week or so. The problem is now and that's why we have to move as quickly as we can."

On Sunday Opposition Leader Bill Shorten criticised the government for not announcing drought support during the first parliamentary sitting week.

''I appreciate visiting farmers, that's important, but we had a whole week last week in Parliament where the Abbott government could have proposed measures to assist farmers - they didn't," Mr Shorten said.

Speaking on Macquarie Radio earlier on Monday, Mr Abbott said a natural disaster fund would only be considered when the budget was back in surplus.

Independent MPs including Clive Palmer and Bob Katter last week called for an "Australia Fund" to deliver support to struggling industries.